Five of the largest publicly traded insurance brokers — Marsh & McLennan Cos., Aon, Arthur J. Gallagher, WTW and Brown & Brown – reported generally strong revenues in 2023, with annual increases ranging from 7% (Aon) to 18% (Arthur J. Gallagher).

A wrap-up of the results, listed in descending order by size of revenues, follows here.


Marsh & McLennan’s total revenue in 2023 grew 10% to $22.7 billion from $20.7 billion in 2022. For the full year, the company generated underlying revenue growth of 9%. Consolidated revenue in the fourth quarter of 2023 was $5.6 billion, an increase of 11% compared with the fourth quarter of 2022, or an increase of 7% on an underlying basis.

Full-year GAAP operating income increased 23% to $5.3 billion, compared with $4.3 billion in 2022. and adjusted operating income rose 17% to $5.6 billion. Fourth quarter operating income was $1.1 billion, compared with Q4 2022 operating income of $680 million.

Net income attributable

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